Medallion Metals (ASX:MM8) is progressing with exploration works across its portfolio in the Goldfields-Esperance region of Western Australia, after a busy H2 2022 culminated in the release of an updated 2012 JORC Mineral Resource Estimate (MRE).
In its interim financial report for the half-year ending 31 December 2022, Medallion says exploration efforts over the period led to the release of an MRE of 1.62 million ounces at 2.6 grams per tonne gold equivalent.
The updated MRE is premised on about 43,500m of reverse circulation (RC) and diamond drilling (DD) drilling undertaken since Medallion’s listing on the Australian Securities Exchange (ASX) in March 2021.
Overall gold equivalent metal content has increased by 112% (855,000oz), comprising of a 93% (+627,000oz) in gold and a 238% (+42,000t) in contained copper metal in under 2 years since listing. The MRE update includes initial MREs for the Gem Restored, Gift and Desmond deposits in addition to MRE updates for the Gem, Harbour View, and Flag deposits.
Medallion reports net assets increased during the half-year by more than $3 million. The company’s cash position, inclusive of restricted cash, as of 31 December was almost $2.84 million.
The company’s projects are located in the Goldfields-Esperance region of Western Australia some 550km from Perth, comprising 300km-square of mineral tenure straddling the boundary of the Annabelle Volcanics and the Ravensthorpe Tonalite. It is this corridor that has hosted the majority of historical gold and copper production from the region and is host to the Medallion’s existing gold-copper mineral resources and regional prospects.
Medallion’s exploration and evaluation works during the period focused on the Kundip Mining Centre (KMC) at the southeast end of at the Ravensthorpe Gold Project (RGP). During the period, approximately 7,500m of extensional RC and DD was completed at KMC, which yielded multiple ‘high-grade’ gold and copper results.
Medallion currently also holds a 15.1% stake in WA nickel sulphide explorer NickelSearch (ASX:NIS).
As reported by Mining.com.au on 14 March, a recent reverse circulation (RC) drilling program was completed at the company’s Carlingup Nickel Sulphide Project near Ravensthorpe, Western Australia. The assays confirm that the massive sulphides seen in the drilling at NickeSearch’s ‘high priority’ target Sexton contain significant nickel mineralisation, with DHEM surveys showing that the mineralisation extends down-plunge and remains open.
Follow up drilling in planning to test the strong conductivity down-plunge where results show an increasing width of nickel mineralisation and target the off-hole conductor and continuation of mineralisation up-plunge to surface.
Write to Adam Orlando at Mining.com.au
Images: Medallion Metals Ltd
